In a report, GlobalData said Philippine card payments are forecasted to grow to P3.4 trillion this year from P2.9 trillion last year.MANILA, Philippines —
“Cash has traditionally been the most popular method of payment among consumers in the Philippines. However, with rising consumer awareness of electronic payments, government’s financial inclusion efforts, availability of low-cost bank accounts and improvement in payment infrastructure, a rise in card payments could be seen over the last few years,” Shivani Gupta, senior banking and payments analyst at GlobalData said.
With the central bank’s implementation of the Digital Payments Transformation Roadmap, which aims to convert 50 percent of the total volume of retail payments to digital form and increase financial inclusion by integrating 70 percent of Filipino adults to the formal financial system through payment or transaction accounts, GlobalData said digital transactions in retail payments in the country jumped to 42.1 percent in 2022 from one percent in 2013.
Debit cards, which are traditionally preferred for cash withdrawals, are also now being used for payments, especially for low-to-medium value transactions.#PhilstarPicks: Honor every type of dad with these finds from UrbanizeA total of $19 billion worth of investments pledged during the foreign trips of President Marcos have already been actualized...